$XLB Materials looking overbought!

Conviction: 4/5


General Thesis

• reaching long-term upper bound on channel (2007)
  
• Weekly RSI showing bearish divergence
  
• weekly MA look like they might be turning over
  
• Timeframe: 1 year-ish
  

Growth
N/A

Value
N/A

Fundamentals
N/A

Potential Risks

• continued inflation + seller pricing power
  
• could go on for longer
  

Comment:

relative performance to SPX not giving much signal